8 Best Ways to grow a small business fast and make more money easily!

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Several business owners all over the world are usually puzzled with the question of how to grow a business fast and how to make a business venture to grow quickly. As an entrepreneur, it is worthwhile and very important that you should know how to grow your small business into a large business within a reasonable time frame. The fast-growing and developing economic condition in most parts of the world like Nigeria and India are consumer-driven in nature such that most new business outfits find it very much easy to find their ways into their niche markets. As a business man who is so much involved in growing a business fast to a desired level, there are many factors which you ought to consider.

From my market surveys and researches so far, I have come to confirm and realize convincingly that so many business owners in Nigeria (most especially the small scale investors and managers) are still yet to understand that certain key factors in their operating environments contributes to the eventual  success or failure of their business enterprises. This is the main reason why most new small scale businesses and start-up ventures fail before they reach five years. Thus, it is cool to mention it clearly here that many investment choices and business decisions which business owners make in the day-to-day management of their businesses have direct effects on the extent to which the business will grow, success and remain sustainable into the future.

[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

If you want to increase the profitability level of your business venture within a very short period of time, the sure way of achieving it is simply be reducing your running costs and focusing more energy on maximum consumer satisfaction and maintaining friendly relationships with your customers so as to gain their loyalty and boost patronage to the goods and services that you offer. Costs tell on business profit margins so monitor your costs and cut off the irrelevant costs. When your cost of production reduces considerably without sacrificing the quality of your outputs, you will surely have a widened profit margin when you generate your average turnover or record revenue greater than that.

Do you own a business venture or are you on the verge of starting your own business and becoming your own boss? Do you engage in the production, buying and selling of products to customers or are you involved in the rendition and offering of services to customers? If yes then, I will use this medium to teach you how to successfully grow your business from strength to strength every day.

In the light of these explanations, the top 8 ways of growing your business include the following:

(1). ORGANIZE AND STRUCTURE YOUR BUSINESS: Try as much as possible to define a well-structured arrangement for your business. Make it a team work issue if you work alongside staffs and ensure that all your personnel in your team pays maximum attention to the primary tasks assigned to them. Without doubts, this will boost the work efficiency rate in your business and make it easier for you to appraise and assess individual and overall business performance over a given period of time.

(2). STUDY YOUR TARGET MARKET: Doing so will help you a lot as it pertains to being reasonable and map out your pricing policies for implementation. Remember that the price and cost of your products works hand in hand. With minimal production costs, you can target higher profit margins when you fix a market competitive price for your product or service. Once I a while, go on market surveys and studies so as to know the market strategies, strengths and weaknesses of your competitors. Gather carefully the preferences, complaints, reactions and views of customers as regards the products and services that you offer them so as to actually know what they want. Innovate, package and present your products in such a way that they will be able to optimally satisfy the need of your consumers, target market and niche audience.

(3). ANALYSE THE LEVEL OF MARKET COMPETITION: Before you think about growing your existing business or starting a new one, do well to analyze and evaluate the trend of competitive forces in the market. The truth remains the fact that so many business enterprises have been squeezed into extinction as a result of their inability to withstand massive competitive threats from their business rivals who offer substitute products and services as well. Find out what will make your business better than those of your competitors and more outstanding to the eyes of the consumers. Discover your business strengths, weaknesses, opportunities and threats. If you identify the areas where your competitors are doing much better than you, you can improve on them to gain your competitive strengths. Even if you are better off than them in the markets, you still need to pinpoint those factors that have kept you as the market leader in your chosen niche and improve on them so as to wax even more stringer as new dawns rise. Taking cognizance of these points and implementing them will really propel your business forward and grow your business quickly.

(4). MAINTAIN ADEQUATE BUSINESS RECORDS (BOOK-KEEPING AND ACCOUNTING SYSTEMS): Most entrepreneurs, sole proprietors and small business owners in Nigeria, India and other parts of the world do not keep comprehensive accounts and record so their business transactions. Thus, a business whose owner is busy opening more branches and stores may be deemed to be very profitable even when the business is crumbling. Records give direction and foresight to business ventures. Accounting they say, is the true language of business. When records of purchases, sales, production, inputs, outputs, inventory, salary, taxes and other miscellaneous financial transactions related to a given business are properly kept as required, the end-information will always provide a meaningful insight and understanding to the business owner at any given point in time, the true state and position of the business. From business records, an entrepreneur understands the market trends and patterns, sees the flow of cash and business operations at a glance and then, becomes well informed to make practical, tactical and crucial business decisions that will help in achieving a full-fledged and continuous upward growth for the business.

(5). MOTIVATION AND COMPENSATION THE BUSINESS WORKFORCE AND OTHER APPRECIABLE FACTORS OF PRODUCTION: Your business is surely heading into the path of drastic failure if you are that type of business manager who is not so much concerned about the welfare of your staffs and generally, factors of production including land, labor, capital and the entrepreneur represented by you. Take note that your employees can never be 100% perfect in everything that they do but still, you have to appreciate their good works in many other ways besides the periodic salaries or wages that you give to them. Work leaves, salary increments, job security, time management, bonuses and the provision of other favorable working conditions are some of the instrumental ways through which you can encourage your workers and get the best out of them. If you motivate them properly as at when due, your business will surely benefit from their increase efficiency and productivity. The more happy your workers become, the more zealous and sincere efforts they will put in your venture so as to help you achieve your business growth objectives and goals.

(6). BE FOCUSED AND DETERMINED: Practically speaking, developing an unwavering focus towards your routine business activities and strategic business plans is a very vital way of ensuring that your business grows consistently even in the midst of harsh economic storms. Do well align your business decisions to your corporate objectives, strategies, mission and vision. Let the public see you as the best. Even when things seem not to be going too well with your business, always wave away such thoughts of continuing your business. Be persistent and obstinate in your good strategic plans so as to achieve your objectives within a minimum time frame. Indeed, the different business climates all over the world are aggressive and you do not have to be a dullard unless you want to lose focus and give up. Always maintain focus on your strategic direction and like a captain of a big ship on a big see, you will surely navigate your way successfully to your destination and go on higher courses with time.

(7). GAIN MORE EXPOSURE TO TARGET CUSTOMERS THROUGH STRATEGIC PROMOTION, ADVERTISING AND MARKETING: Publicity plays a very powerful role in the long-term success of a business. Starting a profitable business venture is one thing and boosting sales and patronage to generate the massive revenue and profits is another thing. As a business manager and entrepreneur, you should try as much as you can to understand the fact that your business can only grow and become more profitable if only the sales revenue grows. Production is of no need if the outputs (products and services) fail to reach the final consumers in exchange for their money and other economic values. This thus establishes the need that you need to constantly advertise, promote and market your business so as to reinforce your stay in an existing market or force your way into a new market segment as well. If well established companies and top business outfits like Dangote, MTN, Toyota and Shoprite still find it worthwhile to regularly advertise their products, brands and services, what of your small business venture? The truth is that practical and effective marketing gives your business maximum exposure to target customers, grows the popularity of your products, entices people to buy them, boosts your business revenue, milks you mega profits on the long run and finally helps your business to grow rapidly than you ever imagined.

(8). MAKE PLANS FOR BUSINESS EXPANSION: As your business makes profits from time to time, use part of the earnings for your routine business operations like distribution costs and salaries. However, do well to retain and reserve the remaining part of the profits for the purpose of expanding your business tentacles. By business expansion, I mean that a business owner should re-invest a percentage of his profits into rewarding capital investments like use of more sophisticated as well as cost-saving production machines and technologies, building of business structures, construction of production plants, establishment of subsidiaries and branches and many others. Do not resort to the squandering of your hard-earned business profits on unnecessary frivolities of life like parties. Expand your business with part of your periodic profits because it is a very important practice in the business world if you really want to grow your business and take it to a greater level as soon as possible.

That is all I have to tell you for now as long as achieving a rapid growth for your small business is concerned. Put these tips into practice and thank me later as soon as your business starts booming and getting more profitable.

Drop your comments below in the comment section using the comment box and I will promptly attend to your questions and consider your opinions and suggestions as well.

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Let’s meet again in my next post on how to make money massively whether you are in the USA, Canada, Australia, China, Japan, Nigeria or Ghana. This Blog was made for you alone. So get free start-up business insights as well as ways of making money here on daily basis. Cheers!

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